Some people say prevention is better than cure. And the sooner the cure, the sooner the healing starts. We believe the same principle applies to financial health. Debt is like a wound that can be just a bruise, or may also be a deep laceration… and it is better to avoid it. But if we happen to have one, it’s best to take care of it immediately
Education is often deemed as the key to success. But at this age in America, there is often a huge price to pay to further one’s education. It takes time to learn a different set of knowledge (young people ought to know), in order to determine the weight of sacrifice you’re willing to make for the sake of higher education preferences.
In this episode of The His & Her Money Show, we introduce Tai Abrams. She talks to us about the things she learned throughout the journey to debt freedom, and how she paid $143,000 in 7 years.
Tai started off with the desire to be debt-free before reaching the age of 30. But ending up with a six-figure debt resulting from graduating from an Ivy League status university, Tai’s debt-freedom goal may seem to be asking a lot.
She started paying off her debt early but slowly, but then she developed different strategies until reaching effective ways to accelerate her towards attaining financial freedom… and yet her student loan journey is but a small part of a legacy she wants to leave.
It often helps to find a supportive community when taking the journey to debt freedom. Tai found out that there may be people who are supportive around what the end-goal was going to look like but not much around the “how.” Tai had to disassociate herself from certain people at times so she could properly allocate funds to paying off debt.
As Tai says, “In a lot of ways I became like a lone soldier to tackle this, and I just have to go ahead and find those few people who wanted to prioritize entrepreneurship, to go after it.”
We need to start having conversations around wealth and learning what that means.
Now living a debt-free life, Tai redefined her life as she lives on a whole different status. The world is her oyster as she ventures into new adventures and on her way to achieving greater goals.
As Tai says it herself: “I encourage people to really get a strong vision around who they want to be, what they want to accomplish on this earth, understand that debt is a stronghold and can prevent you from being able to fulfill a lot of those visions that I feel like God has for you.”
Tai is the co-founder and CEO of the educational organization, Admission Squad, helping talented middle-schoolers get into top high schools.
What You Will Learn
- Why Tai could have paid off her debt faster.
- How to make a smooth transition from being employed to being an entrepreneur.
- How Tai was able to go through her journey despite road bumps.
- Her words of encouragement.
- Tai’s life lessons she learned throughout her journey.
- Tai’s warning for those who want to follow in her footsteps.
Resources Mentioned
- Debt-Free U — by Zac Bissonnette
- The Money Class – by Suze Orman
- The 21 Day Financial Fast – by Michelle Singletary
- The One Week Budget – by Tiffany The Budgetnista Aliche
Thanks For Listening!
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